Agreed. I was reading the latest Entrepreneur magazine where they had an interview with Guy Kawasaki about truemors.com. He mentioned something to the effect of the majority of their traffic came via. the facebook app -- but the traffic wouldn't matter if there's no way to convert that to dollars.

No doubt on the IPO/TOS front. Imagine if someone develops some facebook app that leads to massive litigation. I'm sure facebook would share in the liability as they are the delivery mechanism. All of a sudden, facebook decides to limit access to only a chosen few developers.

Or better yet, facebook has a soft quarter and decides that developers now need to license the platform for some exorbitant rate.